No rollovers
2008, c.3, s.1
37.34(1)No payday lender shall grant a rollover.
37.34(2)If a payday lender contravenes subsection (1) by granting a rollover that is an extension or renewal of a payday loan,
(a)
the borrower is not liable for any amount charged in relation to the total cost of credit for the payday loan, and
(b)
the payday lender shall reimburse the borrower, in cash, immediately on demand by the borrower or the Director, for the total of all amounts paid and the value of any other consideration given in respect of the borrower’s total cost of credit for the payday loan.
37.34(3)If a payday lender contravenes subsection (1) by granting a rollover that is an advancement of a new payday loan to pay out an existing payday loan,
(a)
the borrower is not liable for any amount charged in relation to the total cost of credit for the existing payday loan, and
(b)
the payday lender shall reimburse the borrower, in cash, immediately on demand by the borrower or the Director, for the total of all amounts paid and the value of any other consideration given in respect of the borrower’s total cost of credit for the existing payday loan.
2008, c.3, s.1; 2014, c.31, s.1